Sixty-five buildings are under construction right now, according to the report. That's the most buildings at one time since the DSA began tracking it in 2005.

“It’s easy to see when you just walk around downtown,” said James Sido of the DSA. “The cranes tell quite the story when you walk around down here.”

Most of the space under construction now is residential, according to the report. At least 8,661 units are set to be completed this year and next (including 708 already finished so far), the report found.

But the report also found that 14 million square feet of office space is in the pipeline.

Even as the amount invested ($3.5 billion, per the DSA's report) is twice what it was five years ago, development has still been at a staggering pace since Seattle began rebounding from the Great Recession.

And Sido said that’s all a good thing.

“We’re seeing so much positive momentum coming out of this growth,” he said. “Luckily, we’re in a city where there is still that connection to the local independent retailer, where you can have that and you can have growth.”

Many have called the rise in housing costs in Seattle a crisis, with average rents pushing beyond $1,700 for one-bedroom units, and the median home price soaring above $589,000, according to Redfin figures.

Sido said the DSA is well aware of the impacts of growth.

“Certainly, we know that affordability is something that has to be top of mind right now,” Sido said, noting the DSA's involvement with the Housing Affordability and Livability Agenda committee. “But I do think that the development and what you’re seeing come out of that is putting us in situation where people want to live here, companies want to locate here. I think that’s a good problem to have right now.”

Downtown has seen a boom in residents, with 30 percent more people living downtown than in 2000, according to the DSA's report. The 3,600 residential units completed last year was record-setting, but may be easily dwarfed if current projects stay on track, the report read.